In a rather audacious display of financial bravado, BitMine Immersion Technologies has decided to acquire over 40,000 Ethereum (ETH) in just one day. One must admire their nerve, especially as they watch their unrealized losses balloon to a staggering $7 billion-truly a feat of investment gymnastics!
This latest escapade occurs while Ethereum’s charm seems to be waning, with prices down around 62% from the glitzy heights of 2025. Yet, amidst this plunge, BitMine’s Chairman, the ever-optimistic Tom Lee, is all aflutter about a possible V-shaped recovery for Ethereum. One can only hope his optimism is not misplaced.
BitMine Hoards More ETH Than a Dragon Collects Gold
In an astonishing press release, BitMine announced it has scooped up 40,613 ETH last week alone. As of February 8, 2026, at precisely 3:00 PM ET-because timing is everything-this ambitious company’s total Ethereum stash stands at a whopping 4.325 million. Who needs a treasure chest when you have a digital wallet?
The news seems to have tickled investor fancies, as BitMine’s stock, BMNR, closed at a delightful $21.45 on February 9, enjoying a sprightly 4.79% increase by the end of the trading day. Ah, the sweet smell of optimism, or is that desperation?
But wait, the buying spree didn’t stop there! According to the ever-watchful on-chain analytics platform Lookonchain, BitMine wasn’t finished. Reports indicate additional purchases of Ethereum post-announcement. With great zeal, they first acquired 20,000 ETH through FalconX and then, because why not, another 20,000 ETH via BitGo-worth approximately $42.3 million. A splendidly reckless investment strategy!
“Today alone, it has bought 40,000 ETH ($83.4 million),” Lookonchain quipped. Oh, to be young and reckless!
ETH Plummets Like a Lead Balloon, but BitMine Sees a Bargain
This continued acquisition hints at BitMine’s unwavering commitment to expanding its Ethereum holdings even as the market does the cha-cha downwards. According to BeInCrypto Markets data, ETH has unfortunately dropped 13.2% over the past week. Some might say it’s just playing hard to get!
At the time of my literary musings, the second-largest cryptocurrency was trading at $2,012, down 3.28% over the past day. What a splendid rollercoaster of emotions for investors!
Lee, in a fit of bravado, has suggested that this price drop is merely a strategic buying opportunity. He cites improving network fundamentals, as if one can dine on fundamentals alone.
He also pointed out the network’s robustness, despite the plummeting prices. Ethereum daily transactions soared to 2.5 million, with active addresses reaching an impressive 1 million in 2026-an ode to rising adoption, regardless of market tempests.
“In our view, the price of ETH does not reflect the high utility of ETH and its undeniable role as the future of finance,” he proclaimed. How wonderfully optimistic!
Moreover, Lee has taken a stroll down memory lane, reminiscing about Ethereum’s historical behavior to bolster his sunny disposition. Since 2018, ETH has undergone eight separate tumbles of 50% or more from recent highs. Ah, the cyclical nature of crypto-like a bad penny, it always turns up again!
He pointed to a similar narrative in 2025 when Ethereum took a dive of 64% between January and March before staging a grand comeback later that year. From a modest $1,600, it soared to nearly $5,000. Bravo!
According to Lee, Ethereum has exhibited a remarkable talent for V-shaped recoveries following significant downturns. History, as they say, repeats itself, and with any luck, we’ll see yet another recovery in 2026. What fun!
“The best investment opportunities in crypto have presented themselves after declines. Recall 2025, when the finest entry points in crypto appeared after a sharp fall due to tariff concerns,” Lee noted. Wise words, indeed!
Whether BitMine’s bold strategy will pay off remains a tantalizing mystery. Their ability to weather market storms, coupled with robust staking revenue, might just turn the tide if a V-shaped recovery materializes. But then again, if the market decides to take a prolonged nap, it may prove to be a rather rocky road ahead for our intrepid investors.
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2026-02-10 12:47